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Monday, November 21, 2011

Hungary could not resist the impact of the economic and financial crises

11:28 PM Eastern Europe, economic crisis, EU Commission, European Union, financial assistance, Financial Crisis, Hungarian economic crisis, Hungarian economy, hungary, IMF

The Hungarian government requested financial assistance from the EU Commission and the IMF that cancel the agreement with the IMF last year.

Hungary could not be reached the desired level of growth and financial stability and the government is obliged to ask for help from the IMF again.

The statement made by the Commission to "Today the Hungarian authorities have requested for a possible EU financial assistance. Moreover, Hungary have requested similar financial assistace from the IMF."

According to the Commission, financial assistance on Hungary will be decided in consultation with members of the EU and the IMF.

Among the EU's new members, Hungary has the worst economic indicators.

Hungary's public debt has reached 82 percent of economic size. In Hungary, the EU Commission expects the growth rate of 0.5 percent next year, the budget deficit to 2.8 per cent and an 11 percent unemployment rate for Hungary.

İsa Burak Gonca

İsa Burak Gonca graduated from the Department of International Relations of the Faculty of Business and Economics of the Eastern Mediterranean University of Turkish Republic of Northern Cyprus and the Masters Program in Political Science and International Relations of the Institute of Social Sciences of Yeditepe University. He is now a PhD Candidate in the Field of the International Relations of the Institute of Social Sciences of the Suleyman Demirel University. He is currently doing his PhD studies on China's energy security and geoeconomic interests in Central Asia.